Banks Are Accused Of Manipulating Usd/Zar Currency Pair Trading
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Makgale Mohlala - Head of Cartels Competition Commission Talks about The Competition Commission has filed with the Competition Tribunal a new charge sheet (referral) against twenty eight (28) banks that are accused of manipulating USD/ZAR currency pair trading in line with the Competition Appeal Court (CAC) ruling which ordered that a new charge sheet be filed.
The case relates to collussion to fix prices and divide markets in respect of the USD/ZAR currency pair, in contravention of section 4(1)(b)(i) and (ii) of the Competition Act. Following its investigation, the Commission found that the banks directly and indirectly manipulated trade of the USD/ZAR currency pair in relation to Bids, Offers, Bid-offer spreads, the Spot Exchange Rate and the terms and/or margin of executing client orders at the FIX. The banks have also divided markets by allocating customers in the USD/ZAR currency pair.
The case relates to collussion to fix prices and divide markets in respect of the USD/ZAR currency pair, in contravention of section 4(1)(b)(i) and (ii) of the Competition Act. Following its investigation, the Commission found that the banks directly and indirectly manipulated trade of the USD/ZAR currency pair in relation to Bids, Offers, Bid-offer spreads, the Spot Exchange Rate and the terms and/or margin of executing client orders at the FIX. The banks have also divided markets by allocating customers in the USD/ZAR currency pair.
